Empire State Realty OP, L.P. reported a net income of $68.8 million for the fiscal year ending December 31, 2025, a decrease of 9.7% from the previous year's net income of $76.2 million. The company's total revenues increased slightly to $768.3 million, up from $767.9 million in 2024, primarily driven by a 1.9% rise in rental revenue, which reached $626.2 million. However, revenue from the Empire State Building Observatory declined by 5.9% to $128.3 million, attributed to reduced international visitation despite an increase in domestic visitors.
In terms of operational performance, Empire State Realty OP signed leases totaling 1,009,009 square feet in 2025, a decrease from 1,324,824 square feet in 2024. The company’s portfolio, as of December 31, 2025, comprised approximately 7.9 million rentable square feet of office space and 0.8 million rentable square feet of retail space, with an overall occupancy rate of 90.3%. The company also reported a significant increase in its annualized rent to $552 million, reflecting a proactive leasing strategy and a focus on high-quality tenants.
Strategically, Empire State Realty OP made notable acquisitions, including the purchase of 130 Mercer Street in Manhattan for $386 million and two retail properties on North 6th Street in Brooklyn for $31 million. The company also disposed of the Metro Center property in Stamford, Connecticut, for $64 million, which allowed it to repay associated mortgage debt. These transactions are part of the company's ongoing strategy to optimize its portfolio and focus on high-value assets in New York City.
The company’s financial position remains strong, with total consolidated debt of approximately $2.4 billion and a weighted average interest rate of 4.48%. As of December 31, 2025, Empire State Realty OP had $132.7 million in cash and cash equivalents, along with $475 million available under its unsecured revolving credit facility. Looking ahead, the company plans to continue focusing on acquisitions in the New York City market, leveraging its strong balance sheet to capitalize on opportunities while maintaining its commitment to sustainability and energy efficiency.
About Empire State Realty OP, L.P.
Empire State Realty OP, L.P. manages a portfolio of iconic New York City office, retail, and residential properties, including the Empire State Building. It generates revenue from leasing, ticket sales for the observatory, and licensing. The company emphasizes high-quality, energy-efficient assets, long-term tenant relationships, and strategic acquisitions, operating primarily in NYC and Stamford, Connecticut, with a focus on maximizing property value and shareholder returns.
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